For assistance with a Business Development, please contact:
Office:(973) 273-1040
Email:info@investnewark.org
CAPITAL
Invest Newark is committed to equitable economic growth by developing programs and helping businesses access the resources needed to build and grow. Invest Newark manages both its own investment funds that support local businesses and provides referrals to other sources of capital. We follow through with our commitment to your success by providing support even after you acquire financing.
Loans
Business Loans
About:
Purpose: To provide funding for expansion, Furniture, Fixtures, and Equipment, and leasehold improvement funds to Newark small businesses of various sizes.
Loan Use: For projects that will create new jobs in the City of Newark
Loan Range: $50,000 – $500,000 (Larger requests will require the participation of a co-lender.)
Minimum Eligibility Requirements:
Minimum Credit Score of 600
Business in Operation for a minimum of 2-years
Borrower and corporate entity’s principal owners are US citizens or legal permanent residents
Details:
Interest Rate: 3%-7%; based on a risk assessment.
Fees: 1% of the loan, closing costs and legal fees
Repayment Term: Up to 7 years
Acquisition Loans
About:
Purpose: To pay for the purchase of property in the City of Newark and closing costs thereof.
Loan Use: Used for rental or for-sale housing, commercial or mixed-use projects and/or community projects
Loan Range: $50,000 to $250,000 (Larger requests will require the participation of a co-lender.)
Minimum Eligibility Requirements:
Minimum Credit Score of 600
2 years’ experience
Borrower and corporate entity’s principal owners are US citizens or legal permanent residents
Details:
Interest Rate: 3%-7%; based on a risk assessment.
Fees: 1% of the loan, closing costs and legal fees
Loan Term: 24 months
Predevelopment Loans
About:
Purpose: To assist with preliminary expenses related to environmental review, design, structural assessments and/or planning of projects.
Loan Use: Used for rental or for-sale housing, commercial or mixed-use projects, commercial and/or community projects
Loan Range: $50,000 to $500,000
Minimum Eligibility Requirements:
Minimum credit score of 600
3 years’ experience with the ability to demonstrate the successful completion of two income producing properties
Evidence of site control acceptable to Invest Newark
Borrower and corporate entity’s principal owners are US citizens or legal permanent residents
Details:
Interest Rate: 3-7% Fixed; based on a risk assessment.
Fees: 1% of the loan, closing costs and legal fees
Loan Term: 24 months
Mini-Permanent Loans
About:
Purpose: To provide term loan funding for projects that need assistance with stabilization or interim financing
Loan Use: Used for rental or for-sale housing, commercial or mixed-use projects, commercial, community projects, or working capital lines of credit
Loan Range: $50,000 to $1,500,000
Minimum Eligibility Requirements:
Minimum credit score of 600
3 years’ experience
Borrower and corporate entity’s principal owners are US citizens or legal permanent residents
Details:
Interest Rate: 3-7% Fixed; based on a risk assessment
Fees: 1% of the loan, closing costs and legal fees
Loan Term: 10 months
Business Development Grants
Attendees in our Language of Capital program and Executive Business Accelerator program have the opportunity to compete for business development grants if they successfully complete the program. Three grants are offered for each program cohort and range from $1K-$3K in our Language of Capital program and $2.5K-$7.5K in our Executive Business Accelerator.
